Michigan

The CFTC has ordered Kalshi to continue operating in New York after the state sued to block its sports prediction markets. The move deepens a regulatory clash over whether event contracts fall under federal derivatives oversight or state gambling law.

The U.S. Commodity Futures Trading Commission has ordered Kalshi not to reverse Michigan customer transactions tied to a state court order. The move deepens a broader clash between federal derivatives oversight and state efforts to treat certain prediction market contracts as illegal gambling.